Often with a Quitclaim, little or no money is transferred, so any loss associated with a defect in title would be low, or the transfer is between family members and the risk of a title defect is minor.Īlthough this document provides no promises as to ownership or title, many states have an implied good faith presumption that the Grantor is not aware of any other owners or conflicts, or an expectation of good faith that the Grantor is free to transfer the title. In some situations, all that is needed is a simple, quick transfer of property - one without the time, expense and assurances of a Special Warranty or General Warranty Deed. It is important you sign a Quitclaim Deed when handing over the rights to your property. The Grantor does not provide any warranties as to the quality of the title. In a Quitclaim Deed, the Grantor only transfers whatever title or ownership, if any, they have at the time of the transfer. The purpose of a Quitclaim Deed is simply to transfer ownership of property to another party.
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Need a deed with more protection? Learn how to prepare a General Warranty Deed. Make sure to review all of the different types of deeds in detail to ensure you have selected the right one for your real estate transfer or sale. A lady bird deed allows the Grantor to retain a life estate with very few restrictions while also receiving certain tax benefits. Lady Bird Deed – or enhanced life estate deed – is especially used in certain states like Florida and Texas. However, note that it does not provide any warranties.īargain and Sale Deed – used in certain states such as New York and Washington, this type of deed implies that the Grantor has title to the property. Grant Deed – generally used in place of a California Quitclaim Deed when transferring property to non-relatives in that state, a Grant Deed discloses that the Grantor has not transferred the title to anyone else, and the property has no undisclosed liens or encumbrances. When money is exchanged - purchasing a home, obtaining a mortgageĪnd here are three less common (but still important) types of property deed transfer forms used in more specific scenarios: When money is exchanged - trusts, fiduciaries, tax sales, commercial real estate sales When little to no money is exchanged - estate plans, divorce, fixing title defects Only when the current grantor owned the property Warrants against ALL defects, even those not caused by the current grantor Warrants against ONLY those defects caused by the current grantor Here is a table comparing the three most common types of property deed transfer forms: The most common types are Special Warranty and General Warranty Deeds, which promise that the Grantor has the right to transfer ownership of the property, and warrant against certain defects in title. Other than Quitclaim Deeds, there are two types of deeds that offer protection and warranties for the Grantee. Quit Claim Deed (although this spelling is incorrect!).Notary: a notary public who verifies that the signatures are authentic.Īs a reference, a Quitclaim Deed may also be referred to as:.Note that depending on the laws of your state, there could be anywhere from zero to two witnesses required. Witnesses: the individuals who watch the Grantor and Grantee sign the Quitclaim Deed.Preparer: the name and mailing address of the person who prepared the document.Parcel Number: the number assigned by the tax assessor (usually listed on your property tax statement).Legal Description: a land description in words that identifies a particular piece of property.Consideration: how much, if anything, is being paid for the property.Grantee: the name and mailing address of the individual(s) or corporation who will become the new owner.Grantor: the name and mailing address of the individual(s) or corporation who currently owns the property.Without this document, an individual may not be able to record and prove their ownership of the property.Ī simple Quitclaim Deed should identify the following basic elements: Download a Free Quitclaim Deed Template (Word & PDF)Ī Quitclaim Deed Form (or Quit Claim) is a legal document where the Grantor (or owner/seller) releases their ownership rights of a piece of real property to the Grantee (or purchaser).What is the Purpose of a Quitclaim Deed?.
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